#Section 147
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ITAT Bangalore Quashes Assessment Order Due to Invalid Notice under Section 143(2)
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Condonation of delay in filing of appeal granted in absence of malafide or deliberate intention
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Addition restricted to 25% in case of bogus purchase
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Non-resident individuals not required to disclose assets held outside India in ITR
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Interest on money borrowed for business is allowable as business expenditure
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Gift for personal use from family members doesn’t require any special occasion
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Reassessment proceedings unsustainable as material facts fully and truly disclosed
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Insertion of first and second proviso to section 50C(1) being curative in nature has retrospective effect
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Delhi HC Orders Re-Adjudication on Same-Day Notice & Reassessment Order
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Reopening of proceedings u/s 147 sustainable as original return processed u/s 143(1)
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No penalty u/s 271(1)(c) can be imposed when income is estimated
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Assessment order based on invalid notice u/s 148 is unsustainable
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Depreciation allowed on payment of non-compete fee for business purpose
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